Agent of record
An agent of record (AOR) is an individual or a legal entity with a duly properly executed in line with the prevailing legal norms and regulations contractual agreement with an insurance policy owner. The agent of record has a legal right to receiving commissions from the respective insurance policy.
Individual or a legal entity authorized to represent an insured party in the purchase, servicing, as well as maintenance of insurance coverage with a suitably designated insurer. The majority of insurance companies will not disclose any information or discuss an insured party's account with any agent other than the duly nominated agent of record. An insured party wishing to change insurance agent(s) must submit a revised agent of record nomination letter[1] to the respective insurer authorizing said insurer to release the insured party's information and to discuss the insured party's coverage with the newly nominated agent.
Relevant documents may be executed via hard copy documents or, alternatively, electronically in jurisdictions where electronic execution is recognized as legally possible. Applications may be made electronically, as well as in physical form. Agent of record letter can in some cases be used as an insurance sales tool, though some question its legality.[2]
Given the importance of rapidly growing body of electronic records and documentation, the challenge of authentication abounds.
Disambiguation
Sometimes the acronym "agent of record" is used interchangeably with the acronym "agent of records". The former has meaning in the context of insurance, specifically where an individual is represented by parties other than him-/herself. The latter is a methodology that provides user with the functionality to record instances of abuse, bullying and harassment.